Aussie losing across the board in late Asian/early European trade after the Nikkei dropped 0.95%, while all major emerging market bourses were in the green (Russia, India & China). There was talk about an upcoming interest rate cut from influential commentators in Australia, who were said to communicate the intention of the central bank. AUDNZD losing ground at 1.24, looking to test the 1.2375 support, which if broken would be lowest since April). While both AUDJPY and AUDNZD appear bearish (as are all high yielders vs USD and JPY) AUDJPY appears the more vulnerable, especially given our negative stance on USDJPY.